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XAUUSD - Surges to Key $1300 Level as Fed Expected to Cut Next

 

 
In the last 24 hours gold has surged higher to its highest level in a month reaching and testing the key level of $1300. For the best part of the last few weeks gold has consolidated and traded between $1270 and $1290 after falling through the $1300 level earlier last month. Several weeks ago gold fell sharply from sitting just above the key level of $1300 to fall to a new low for 2019 just below $1270, where it received solid support from.
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Market Recap: 29 April - 3 May

 

 
On Tuesday last week we covered the US30 index which spent the remainder of the week easing back towards the key level of 26000. Up until the last few days, it had all been positive news for the index, moving steadily higher pushing through the resistance at the key 26000 level and moving to a six month high above 26600. It spent a week or so consolidating a little and was receiving some support from around 26500 to keep it up near the all time high.
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XAUUSD - Eases Below $1280 as Fed Holds Rates Steady

 

 
In the last few days gold has eased lower again after pushing up towards $1290, and looks likely to threaten to push through the recent support at $1270. A few weeks ago gold fell sharply from sitting just above the key level of $1300 to fall to a new low for 2019 just below $1270, where it received solid support from.
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Market Recap: 15 - 19 April

 

 
On Tuesday last week we covered the AUDUSD which for the first time in some time left the prevailing range and traded above the key 0.7150 level for most of the week. The AUDUSD continues to frustrate many a trader as it continues to move little as it spends most of its time in the range roughly between 0.7050 and 0.7150. 
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XAUUSD - Drops to 2019 Low Near $1270 as China GDP Beats Expectations

 

 
In the last week or so gold has fallen sharply from sitting just above the current key level of $1300 to fall to a new low for 2019 near $1270. Having fallen below this level a few weeks ago, gold did well to find some support and slowly climb its way back above this level however this recent drop could be telling as sellers may start to line up at the $1300 level poised to maintain pressure on gold and keep it below this level.
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XAUUSD - Consolidates Below Key $1300 Level as Markets Assess Global Concerns

 

 
In the last week or so gold has fallen sharply from comfortably above the current key $1300 level before consolidating and trading in a narrow range in the last few days. Before this decline, gold was steadily and slowly moving higher rallying back above the $1300 level.
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Market Recap: 18 - 22 March

 

 
On Tuesday last week we covered the EURUSD which finished the week falling strongly back to the current key level of 1.13. In the last couple of weeks the EURUSD has rallied well and returned back above the 1.13 level after dropping sharply to an 18 month low around 1.1175. It performed a similar rally several weeks ago moving back above the key level of 1.13 after having dropped to a then three month low below 1.1250, which moved it to a three week high above 1.14.
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XAUUSD - Consolidates above Key $1300 Level on Global Concerns

 

 
In the last couple of weeks gold has been able to stop the strong falls and rally back above the key $1300 level where it is currently receiving some support from. Only a few weeks ago gold was cruising along pushing to new nine month highs on the back of solid support from the key $1300 level, before crashing lower pushing through any support at the $1300 level and moving to its lowest levels in six weeks. The $1300 level offered some resistance however it was fleeting as gold moved back above. 
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Market Recap: 4 - 8 March

 

 
On Tuesday last week we covered gold which spent the remainder of the week consolidating and stopping the rot that saw it fall so sharply in the couple of weeks prior. Only a few weeks ago gold was cruising along pushing to new nine month highs above $1345, on the back of solid support from the key $1300 level. Then gold crashed lower pushing through any possible support at the $1300 level and moving to its lowest levels in six weeks, which will be significant as this level is now offering some resistance in its attempt to rally higher.
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XAUUSD - Falls Sharply to Six Week Low as Trade Talks Enter Final Stages

 

 
What a difference a week can make. Only a couple of weeks ago gold was cruising along pushing to new nine month highs on the back of solid support from the key $1300 level. In the last week gold has crashed lower pushing through any possible support at the $1300 level and moving to its lowest levels in six weeks, which will be significant as this level may now offer some resistance should it attempt to rally higher. 
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